Illegal Loan Modification Companies in joint lawsuit with California Attorney General
Posted by Foreclosure Prevention in FinanceArticle by: 911-Foreclosure
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Communal lawsuits of 189 Companies announced by the California Real Estate Department earlier this July. This is in conjunction with the Federal Trade Commission and the California Attorney General’s stance on stopping the surplus of Loan Modification rescue scams.
Several states such as Arizona, Florida, Nevada and California were hurt the worst during the subprime loan catastrophe. Now the same companies who granted lucrative mortgages to unqualified homeowners are soliciting these same borrowers to modify the very same mortgage they once sold.
Many of the Scam Foreclosure Rescue Companies charge burdensome upfront fees while hardly providing any services after they acquire the money. Often times, desperate homeowners looking for an opportunity to change their mortgage end up paying $1,500 – $4,000 when being scammed.This Fox News report shows the owner of one loan modification company clearly undisturbed by the numerous consumer complaints being lodged against his company -Watch the movie by Clicking the Video on the top right or on Youtube
Many lawsuits are being filed against corrupt Loan Modification Companies that are charging illegal fees before starting on the loan modification. Currently in order for a loan modification company to be approved to charge an upfront fee, they have to have the contract approved by the states’ Real Estate Department. Hundreds of companies have violated this law leaving the foreclosure epidemic in even greater upheaval.
Here is a list illegal companies that have been marked by the California Department of Real Estate as being fraudulent. http://www.dre.ca.gov/cons_drs.asp.Additionally Read the list below to see how many companies have been operating without a license. http://secure.dre.ca.gov/publicasp/unlicenseddnr.asp
As you can plainly see by looking at these lists, there are probably thousands of companies and individuals that would like nothing better to wring cash out the very same homeowners that can least afford it. Be very wary of any individual that claims he can arrange a modification for you after you pay a large upfront fee. Better to arm yourself with the information we offer here and handle the modification yourself.
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